Thank you very much for your early response. And the way you have understood the problem and guided me. Appreciated!! ˗ˏˋ 5★ ˎˊ˗
To clarify for others, there are two language options in wp-admin. One is Users → Your Profile → Language and the other one is Settings → General → Site Language. To use Loco Translate I have to change the Site language to my desired language and If I want my admin panel to remain English then I have to change the user language to English.